What does everyone out there think the best fields of practice are going to be in the near future? DO you think that the possibility of a U.S recession has a huge impact on your selction? What do you think?

People don't seem likely to stop getting born and divorced and dying any time soon. And any time more than three of them get together in one place, somebody is going to get in trouble sooner or later. With the economy going the way it is, bankruptcy is the only real growth industry we've got. And cheating on your taxes is probably the most popular civil offense after speeding.

Last edited by sockpuppet on Wed Apr 02, 2008 3:41 pm, edited 1 time in total.

Tax law is not really a hot field of law. It is a slow grower, but a necessary part of many firm's practice areas. Only in a minority of cases will any client come to the firm simply for a tax related question (i.e. challenging the IRS, help on an audit, etc...). More often, tax really is just around to help on other projects, mainly M&A or other stuff funneled in from the corporate department. It is, however, a field that isn't going anywhere any time soon.

I would argue that IP law is in that top 5 or perhaps a close runner-up! What do you think sock?

All "hot" fields go bust sooner or later. And it's a niche that really only applies to a narrow set of people with substantial and relevant technical education or experience. If you ask any practicing attorney for advice about getting into law, the two things that every one of them will tell you are:

1) Don't go to law school2) If you do go, then do not at any event go into a practice area because it's "hot."

Of course, 80% of applicants to law schools are going to turn around and do exactly the opposite of this advice on both points, for the same simple reason: "Everyone else is doing it, so it must be cool, right?!"

really? what kind of law did they practice/intend to practice? I realize that there is a commonly held belief among some people that lawyers are all unhappy alcoholics, but I have always taken that as excessive hyperbole. I have not heard anything particularly good about large law firms, which seem to take much of the brunt of the negativity, though some of those who encouraged me are senior members of large firms. (large for around here at any rate)

Do not give into the "Hot Field" peer pressure! Persue what you think is interesting and what you feel you may be able to do your best at. Also, I realize it is important to "specialize" in some area to be marketable,

paul1454 wrote:Tax law is not really a hot field of law. It is a slow grower, but a necessary part of many firm's practice areas. Only in a minority of cases will any client come to the firm simply for a tax related question (i.e. challenging the IRS, help on an audit, etc...). More often, tax really is just around to help on other projects, mainly M&A or other stuff funneled in from the corporate department. It is, however, a field that isn't going anywhere any time soon.

Lots of tax lawyers work for the big 4 auditing firms, and they have a lot more hands on work than those tax lawyers at firms. I've also been told that only the large firms have dedicated tax units, while midsize firms will only have a few dedicated tax people and small firms probably won't have any. Lastly, another thing to look into would be working for the government. The IRS employs a lot of tax lawyers, mainly to audit larger companies.

Note: I got this all from my school's information program on tax law. They had a few large firm tax lawyers there along with a guy from the IRS who enjoys pwnzing companies that don't pay their taxes.

Lots of tax lawyers work for the big 4 auditing firms, and they have a lot more hands on work than those tax lawyers at firms. I've also been told that only the large firms have dedicated tax units, while midsize firms will only have a few dedicated tax people and small firms probably won't have any. Lastly, another thing to look into would be working for the government. The IRS employs a lot of tax lawyers, mainly to audit larger companies.

Note: I got this all from my school's information program on tax law. They had a few large firm tax lawyers there along with a guy from the IRS who enjoys pwnzing companies that don't pay their taxes.

paul1454 wrote:Tax law is not really a hot field of law. It is a slow grower, but a necessary part of many firm's practice areas. Only in a minority of cases will any client come to the firm simply for a tax related question (i.e. challenging the IRS, help on an audit, etc...). More often, tax really is just around to help on other projects, mainly M&A or other stuff funneled in from the corporate department. It is, however, a field that isn't going anywhere any time soon.

Lots of tax lawyers work for the big 4 auditing firms, and they have a lot more hands on work than those tax lawyers at firms. I've also been told that only the large firms have dedicated tax units, while midsize firms will only have a few dedicated tax people and small firms probably won't have any. Lastly, another thing to look into would be working for the government. The IRS employs a lot of tax lawyers, mainly to audit larger companies.

Note: I got this all from my school's information program on tax law. They had a few large firm tax lawyers there along with a guy from the IRS who enjoys pwnzing companies that don't pay their taxes.]

That is very true that many attorneys work in the Big 4 accounting firms. Note that working in the tax department of these firms (I'm talking regular federal. M&A, International and SALT aren't quite so bad) of those firms typically doing very mind-numbing compliance work (I know, I used to work in one). As an attorney working in a Big 4 accounting firm, you are very limited in what you can do. In fact, you are not allowed to even "practice law," although some of the tax planning you may do (if you are able to get any sophisticated work as a young attorney) may fall on the border of legal work. Another thing to consider is that Big 4 accounting firms will not take into acount your additional education in terms of pay. A JD with an LLM in tax will be paid only marginally more (usually about 5%) and someone straight out of undergrad with their accounting degree. All in all, attorneys working at Big 4 firms are generally unhappier than their accountant counterparts, mainly because they feel like they have wasted their JD degree. I think the only time Big 4 would be worthwhile for an attorney is if (1) they REALLY want to do tax; and (2) they don't have the qualifications to get into a large law firm with a tax department, but of course, that is just my opinion and others may not find that the case. If you would like some really good information on careers in tax, check outhttp://www.taxtalent.com

I just wanted to clear that up in case anyone reading this thread was considering tax. I know this isn't solely about tax law.

Last edited by orangeswarm on Wed Apr 02, 2008 5:32 pm, edited 1 time in total.

seniors are the fastest growing segment of our population. not only are there constant cases of ageism and abuse, but social security, medicare, and estate issues are abundant as well. the boomers are aging, they are retiring, and im sure there will be no shortage of legal issues associated with their growth in pop size.

I think it's foolish to pick a legal specialty based on what's trendy right now. You will be working as a lawyer for 40 years after you graduate; the current trends (whatever they are) are going to last for only a fraction of that time.